J.P. Morgan - Spectrum

This presentation was prepared exclusively for the benefit and internal use of the JPMorgan client to whom it is directly addressed and delivered (including such client’s subsidiaries, the “Company”) in order to assist the Company in evaluating, on a preliminary basis, the feasibility of a possible transaction or transactions and does not carry any right of publication or disclosure, in whole or in part, to any other party. This presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by JPMorgan. Neither this presentation nor any of its contents may be disclosed or used for any other purpose without the prior written consent of JPMorgan. J.P. Morgan, JPMorgan, JPMorgan Chase and Chase are marketing name for certain businesses of JPMorgan Chase & Co. and its subsidiaries worldwide (collectively, “JPMC”). Products or services, including those referred to herein, may be marketed and/or provided by commercial banks such as JPMorgan Chase Bank, N.A., securities or other non‐banking affiliates such as J.P. Morgan Securities LLC. or other JPMC entities. JPMC contact persons may be employees or officers of any of the foregoing entities and the terms "J.P. Morgan", “JPMorgan”, "JPMorgan Chase" and “Chase” if and as used herein include as applicable all such employees or officers and/or entities irrespective of marketing name(s) used. Anything herein to the contrary, nothing in this presentation is intended to or shall be deemed to constitute a solicitation by JPMC of any product or service the solicitation of which by the JPMC personnel providing and discussing this presentation with the Company would be unlawful under any applicable United States, state, local or foreign law or regulation. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. JPMorgan believes the information contained in this material to be reliable but do not warrant its accuracy or completeness. The investments and strategies discussed herein may not be suitable for all investors. This material is not intended to provide, and should not be relied on for, accounting, legal or tax advice or investment recommendations. Please consult an attorney or tax professional concerning such matters. Not all products and services are available in all geographic areas. Eligibility for particular products and services is subject to final determination by JPMorgan and or its affiliates/subsidiaries. This presentation does not constitute a commitment by any JPMC entity to extend or arrange credit or to provide any other products or services. The investments and strategies discussed herein may not be suitable for all investors. Notwithstanding anything in this presentation to the contrary, the statements in this presentation are not intended to be legally binding. Any products, services, terms or other matters described in this presentation (other than in respect of confidentiality) are subject to the terms of separate legally binding documentation and/or are subject to change without notice. Credit ratings are provided for information purposes only. Credit ratings are solely the opinions of the rating agencies. JPMorgan does not endorse, and accepts no responsibility for, the credit ratings issued by the rating agencies. Credit ratings may be changed, superseded or withdrawn by the rating agencies at any time.

Money Market Funds:
NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possibly to lose money by investing in a money market fund.

Call 1‐800‐766‐7722 for a fund prospectus. You can also visit us online at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing. JPMorgan Funds are distributed by JPMorgan Distribution Services, Inc., which is a subsidiary of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. Securities may be provided by J.P. Morgan Institutional Investments, Inc., member FINRA/SIPC. The distributors of the third party funds are not affiliated with J.P. Morgan. J.P. Morgan may receive compensation from a third party fund, the management company for the third party fund and/or the distributor of a third party fund for providing services as described in the prospectus for the funds. Carefully consider a fund's investment objectives, risks, charges and expenses before investing. This and other important information is included in the fund's prospectus, which should be read carefully before investing. Prospectuses for mutual funds can be obtained by contacting your relationship manager. Deposits held in a branch of JPMorgan Chase Bank, N.A. and Chase Bank USA, N.A. located outside the United States are payable exclusively at the branch at which the account is held and are not payable in the United States. Such deposits: (i) are not insured by the Federal Deposit Insurance Corporation or any other governmental entity; (ii) are subject to cross‐border risks; and (iii) have a lesser preference as compared to deposits held in the United States in the event of a liquidation of JPMorgan Chase Bank, N.A. and Chase Bank USA, N.A., as applicable. Notwithstanding anything herein to the contrary, the Company and each of its employees, representatives or other agents may disclose to any and all persons, without limitation of any kind, the U.S. federal and state income tax treatment and the U.S. federal and state income tax structure of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to the Company relating to such tax treatment and tax structure insofar as such treatment and/or structure relates to a U.S. federal or state income tax strategy provided to the Company by JPMorgan.

IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters included herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone not affiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.